Goldman Sachs plans to broaden its credit card reach with a slew of new co-branded credit cards – and a new proprietary card featuring its Marcus branding. The revelation of new credit cards was made during Goldman Sachs’ Q3 2021 earnings call. Here’s what is known about Goldman Sachs’ new credit card portfolio plans:
Goldman Sachs Looking to Launch Marcus Credit Card
Goldman Sachs is looking to expand its credit card reach further. According to a transcript from the company’s third-quarter earnings call, a proprietary Marcus credit card – and a slew of co-branded cards with partners – are in the works.
“We have our own credit card platform that is really differentiated, we’re onboarding other partnerships, and we have a proprietary card that’s in development,” said a Goldman Sachs executive during the company’s Q3 2021 investors call.
Marcus by Goldman Sachs is the bank’s high-yield savings account. The service, available online, also provides high-yield certificates of deposit (CDs) and no-fee personal loans.
Goldman’s Ambitious Credit Card Program
Goldman Sachs has been making news all year in the credit card industry. The banking and investment giant, which already issues the popular Apple Card, acquired the GM credit card portfolio from Capital One for around $2.5 billion in October. That transaction, set to conclude later this year, will see existing GM cardholders issued new cards when Goldman takes over the portfolio on February 22, 2022.
The bank also had eyes on the JetBlue credit card portfolio in the Spring, only to lose out to the carrier’s current partner, Barclays US.
About Goldman Sachs
Goldman Sachs Group is a leading global investment firm. With its headquarters in New York City, the company provides investment banking, securities, and investment management for corporations, financial institutions, governments, and private individuals.
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